COLUMBIA, S.C. – June 14, 2013 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its May Statewide Market Reports and attention has now shifted from monitoring price and sales gains to anticipating new seller listing activity. The shift results from an imbalance between strong demand for homes and constrained supply.
New Listings in South Carolina increased 8.6 percent to 9,648. Pending Sales were up 18.0 percent to 6,120. Inventory levels shrank 8.6 percent to 47,191 units. Prices were turned higher. The Median Sales Price increased 3.9 percent to $160,000. Days on Market was down 14.0 percent to 120 days. Absorption rates improved as Months Supply of Inventory was down 21.6 percent to 9.5 months.
Interest rate risk is back in the headlines following Chairman of the United States Federal Reserve, Ben Bernanke’s latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving job market, which is a good thing for real estate.
Statewide reports are attached. Please contact local boards for data by area. Questions about the statewide data? Contact Nick Kremydas at 803.772.5206.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.